Posted on 06/23/2011 7:48:44 AM PDT by AT7Saluki
Energy Secretary Steven Chu announced Thursday that the U.S. and its partners in the International Energy Agency will release 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East. The U.S. will release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve. The SPR is currently at a historically high level with 727 million barrels, according to the Energy Department.
“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” said Chu. “As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary.”
(Excerpt) Read more at nationaljournal.com ...
Why into the world market?
Ping.
Passing gas in a windstorm is so Obama.
A Band-aid as usual.
Desperate people do desperate things.
Because Saddam Obama hates America.
2 million barrels per day to the world market?
Obamugabe is p*ssing in the ocean.
Is this why the market for oil has absolutely collapsed???
Oh, that’s brilliant!!! That’s like putting a bandied on a slashed artery.
You’re correct, on the supply side it won’t do anything. The impact is psychological. The futures markets were already in retreat and adding this will cause a significant drop. Gas is down .85/gal from it’s high point in my area this morning. This reduction has nothing to do with the reserve decision today.
What the Snake Oil Salesman accomplishes with this is:
1.) Ability to claim the reduction in gas prices is ALL due to his actions.
2.) Line Soros’ pockets because I’m sure he’s short on oil.
The stupid idiot should have done this right before the election, so the resultant two cent per gallon drop in the price of gas would ensure his re-election by his loyal followers.
Or perhaps he'll just pay their mortgage for them, again.
This is truly asinine. The STRATEGIC petroleum reserve is supposed to be for the use of the United States, not the “world market”. If other countries want to establish a strategic reserve, fine.
Your points are both spot on. They also need to help the Fed cover up their inflation.
It is going to dip for a few days till it is baked into the numbers then it is going to spike again.
These people are idiots, drilling is the only solution.
Peggy Joesph is elated!
Obama Is Going To Pay For My Gas And Mortgage!!!
http://www.youtube.com/watch?v=P36x8rTb3jI
I would rather Obama allowed the oil companies to drill for an extra 30 million barrels of oil. Leave the strategic reserve alone.
Yeah, that was the deciding factor.
Yet, he’s drained everything else of value in America- perhaps he does it just on philosophical grounds.
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